Despite unprecedented, pandemic-related retail challenges, according to a recent survey conducted on behalf of Silver Promotion Service (SPS), 42% of retailer respondents reported an increase in silver jewelry sales and of those, 52% reported double-digit sales increases.
This marks the twelfth consecutive year of confirmed silver jewelry sales growth.
Survey results also confirmed silver as a top performing category for fine jewelry retailers, driving sales and maintaining margin, especially during the holiday selling season.
Additionally, 89% of retailers expressed optimism that their silver jewelry sales will continue to grow over the next several years.
Highlights from the 2020 survey include:
- 42% of the jewelry retailers surveyed said their silver jewelry sales increased in 2020.
- 52% of those reporting an increase said their silver jewelry sales increased between 11% and 25%.
- 52% indicated their Holiday 2020 sales of silver jewelry increased over the 2019 holiday season.
- Silver jewelry delivered the best-maintained margin during the holiday season in 2020 – more than twice that of any other category (43% silver compared to 19% diamond, 17% bridal, 16% gold and 5% platinum).
- 39% of respondents said silver jewelry experienced the best inventory turnover rate (followed by diamonds at 29%, gold at 15% and bridal at 13%).
- Surveyed retailers reported their silver jewelry sales, as a percentage of their overall jewelry sales, averaged 34% of their unit volume and 27% of their dollar volume.
- 41% said their online silver jewelry sales increased compared to the prior year.
- 50% of retailers said that they increased their silver jewelry inventory in 2020 an average of 19%.
- The age group buying the most silver jewelry is 20-40 according to 51% of the retailers.
- 89% of retailers say they are optimistic that silver jewelry sales will continue to grow.
Credit: Martha Seely – Antares O – pendant blue and white topaz
SPS Director Michael Barlerin said, “The Silver Promotion Service is pleased that silver jewelry continues to grow in importance for American jewelry retailers, maintaining double-digit sales increases and strong margins, despite the challenges related to the COVID-19 pandemic. We are also excited by the robust expression of optimism for silver jewelry’s continued future growth.”
The research, conducted by INSTORE, was fielded in February 2021, marking the 12th consecutive year that SPS has commissioned such a survey.
Credit: ELDesigns silver and diamond bangle.